TOM CLOUD UPDATE: Fake News, Gold-Silver Cryptocurrencies & Precious Metals Sales
In this precious metals update, Tom Cloud begins with discussing how “Fake news” is misrepresenting what is really taking place in the markets. He explains that how fake news is impacting precious metals sentiment and sales. Tom also talks about the new gold and silver cryptocurrencies in development. While Tom agrees with individuals investing in cryptocurrencies, he believes it should only be a small speculative percentage of one’s assets. I agree.
Furthermore, Tom discusses that his business this year experienced the largest average precious metals sales amount in his 42-year history. However, while Tom claims that his average sales figure is the highest ever, overall sales have been the lowest in over a decade. Tom believes the reason for the falling sales is due to the little guy who is worried that the gold and silver prices aren’t going anywhere. Now, this isn’t the case for the wealthier investor who continues to purchase precious metals on an ongoing basis.
Lastly, Tom explains that it is not prudent to own Gold or Silver ETF’s because there is no way to know if the metal is there. He goes on to say that it’s actually cheaper to store physical gold and silver than to risk one’s funds by investing in Precious Metals ETFs.